Colder weather may be here, but Brunswick County’s residential real estate market shows no signs of cooling down in the near future, according to statistics released by the Brunswick County Association of REALTORS®.
“Brunswick County’s residential market continues to show healthy, steady growth, and November has been no exception,” BCAR CEO Cynthia Walsh said, pointing out that 27 homes were sold for $500,000 or more in November, and 33 similar sales are now pending. “The residential real estate market shows no signs of cooling off, even as winter approaches,” Walsh added.
The number of units sold dropped 14 percent in November compared to October, which Walsh said is typical for this time of year, but were up 10.2 percent compared to November of last year, rising from 305 to 336. The number of new listings jumped from 340 in November 2016 to 390 this November, a 14.7 percent increase. The average sale price jumped 10.8 percent, from $245,559 to $272,052, while total sales volume rose 22 percent, increasing from $74.9 million to $91.4 million.
The absorption rate, which measures how long it would take to sell the existing inventory at the current rate of sales, is continuing its downward trend as the number of new listings and overall inventory decreases. The average amount of time a home stays on the market has held steady at around 100 days for the last 6 months.
New ListingsNovember 2017: 390November 2016: 340Increase/decrease: +14.7%
Units SoldNovember 2017: 336November 2016: 305Increase/decrease: +10.2%
Average Sale PriceNovember 2017: $272,052November 2016: $245,559Increase/decrease: +10.8%
Total Sales VolumeNovember 2017: $91,410,000November 2016: $74,900,000Increase/decrease: +22%
Bladen CountyUnits Sold: 6Average Sale Price: $155,567Total Sales Volume: $939,400
Columbus CountyUnits Sold: 23Average Sale Price: $114,804Total Sales Volume: $2,640,000.